From: Charles Buck [mailto:charles@buckfinancial.com] 

Sent: Thursday, August 13, 2015 3:33 PM

To: EBSA, E-ORI - EBSA

Subject: Include RIN 1210-AB32 in the subject line of the message

I am a financial planner in Woodbury, Minnesota and I am writing in support of the Department of 

Labor’s proposed rules to update and strengthen the rules for retirement investment advice.

Over the past more clients find they do not have traditional defined benefit pensions. Today, Americans 

are largely responsible for making their own choices about how much to save and how to invest their 

retirement savings.

Too often I see portfolios that are in the best interest of the sales person not the worker. Families need 

access to trusted professional advice to help manage their hard- earned retirement nest egg, before and 

after retirement. However, under the outdated rules, many retirement savers are not receiving the 

objective advice that they need and expect. Current rules allow many financial sales people to put their 

own bottom line ahead of their clients’. I had a daughter bring her 80 year mother in after selling her 

house. The mother had a stack of annuities at least two inches high. The friendly banker wanted her to 

put the small sale proceeds into another annuity. Good for the sales person, but not in the best interest of 

the mother.

Some financial services providers have threatened that if they are required to act as fiduciaries and put 

their client’s interests first, they’ll refuse to work with those investors. I would hope that if a “financial 

services provider” cannot work with clients and do what is in the client best interest, the client might be 

better off without their service. They say those retirement savers – especially those with smaller or 

medium-sized retirement accounts – will suffer because they won’t have access to investment products or 

advice. I would with many clients who have little or no net worth and many of my colleagues work with 

client with a little as $100,000. 

I can assure you that an “advice gap” will not develop. There are good options today at affordable prices 

available today for individuals who want help. Thousands of financial planners like me serve retirement 

investors with smaller or moderate-sized accounts and we do so as fiduciaries. Today, I serve 

Minnesotans of all income levels investing for their retirement years. I know that it is possible to do the 

right thing by my clients and still run a profitable business.

A secure retirement is an essential part of American life. Any financial advice Americans receive related 

to their retirement savings should be squarely in their best interests. The DOL’s proposed

Thank You,

Charles P. Buck 

Charles P, Buck CFP®

Buck Financial Advisors, LLC

9733 Wellington Ridge

Woodbury, MN 55125

Phone: 651-330-3585

Fax: 651-204-2109

www.buckfinancial.com

"Helping You Determine Your Financial Future"
Member of the "Garrett Planning Network", providing hourly, as needed advice for Middle 

Americans.

Member of "NAPFA", the National Association of Personal Financial Advisors, dedicated to the 

advancement of Fee-Only comprehensive financial planning.

Member of the Financial Planning Association of Minnesota, promoting the practice of financial 

planning.